Biogen Inc. (BIIB) has agreed to acquire RayThera Inc., a privately held biotechnology company developing small-molecule therapies in immunology, in a transaction valued up to $1 billion. The deal includes an upfront payment along with additional clinical and regulatory milestone payments tied to further development progress.
RayThera's pipeline includes multiple anti-inflammatory assets designed to target immune-mediated diseases across a range of indications. Its lead candidate is expected to enter Phase 1 development in early Q3 2026, making the first clinical program to advance under Biogen's ownership once the acquisition closes.
Biogen said the acquisition strengthens its long-term strategy to expand deeper into immunology, adding a suite of early-stage assets that complement its existing portfolio. Priya Singhal, Executive Vice President and Head of Development at Biogen, said the company believes the RayThera programs can "meaningfully contribute to our long-term pipeline potential" and highlighted plans to rapidly move the first candidate into the clinic.
RayThera CEO Qing Dong said Biogen's global development capabilities make it "the natural fit" to advance the programs into Phase 1 and beyond, noting the progress RayThera's team has made it building and maturing its pipeline to date.
Under the terms of the agreement, Biogen will assume responsibilities for development, manufacturing, and global commercialization of RayThera's' assets once the deal closes. The transaction is subject to customary regulatory approvals and is expected to close in the third quarter of 2026.
BIIB has traded between $121.05 and $205.97 over the past year. The stock closed Wednesday's trading at $198.67, up 1.56%. During after-hours trading the stock is at $199.88, up 0.61%.
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